MOSCOW, September 12 (RIA Novosti) - Spain's largest oil company, Repsol YPF SA, has said it discovered a massive gas field off the coast of Venezuela, Spanish media reported.
The find was made in a joint exploration with the Italy's Eni.
The Gulf of Venezuela's Cardon 4 site may contain some 1.4 billion barrels of oil equivalent (BOE), a Repsol spokesman said. However, he also noted that tests were continuing.
The company's statement confirmed comments to the Spanish newspaper El Pais by Venezuelan President Hugo Chavez on Friday. Chavez met with Repsol chairman Antoni Brufau during his visit to Madrid.
"At the rate at which we are making certified scientific discoveries, Venezuela's gas reserves will put us among the five world giants of gas," Chavez was reported to have told El Pais.
Repsol and Eni would each have 32.5% stakes in future exploitation of the gas field, a spokesman said. Venezuela's state-oil company would receive 35%.